Billy Vera and the Beaters recorded it.
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It was The Newbeats..in 1964 and the title was "Bread & Butter"
In the episode 'The Courtship of Stewie's Father' (UK Season 5/US Season 4), Brian sings it to Peter in an attempt to cheer him up, but the orginial 'It's Peanut Butter Jelly Time' was sung by a dancing banana. You can watch the original flash cartoon version here: http://www.albinoblacksheep.com/flash/banana.php. You can watch the Family Guy version on Youtube by typing 'family guy peanut butter jelly time'. then when stewie was traveling back in time. stewie went back in time where brian sang the banana song. then sang it t peter instead of brian.
This page may offer a start. I am looking for this song. Search this page for Peanut butter http://www.disco-disco.com/tributes/larry.shtml The funk group, Lakeside It was Lenny White and Twennynine.
a bap sang is like a small table.
Andrea True Connection